A club paid subscription fees of `1,400. Out of which ` 200 is prepaid. In such case
Depreciation appearing in the Trial Balance should be?
Insurance prepaid is shown as:__________?
Outstanding salaries is shown as__________?
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
LIFO stands for__________?
Net sales equals, sales minus:
_________is the cost of converting raw material into finished products?
Short term Assets expected to be converted into cash within 1 year or less than?
An income statement in which each item expressed as percentage of Sale?
The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?
Period cost include which of the following ?
Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?
Which of the following form of business organization is least regulated?
During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?
Average Accounting Return is a measure of accounting profit relative to:
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
At the time of preparation of financial accounts, bad debt recovered account will be transferred to?
Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?
The creation of provision for doubtful debts given as an adjustment requires__________?
If actual bad debts are more than the provision for bad debts, then there will be a__________?
Which of the following is not classified as inventory in the financial statements?
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
If a company has contingent liabilities, they appear in the__________?
Payments received in advance from a customer for a contract can be__________?
Investment in own share A/c appears in__________?
Tax deducted at source A/c appears in__________?
Cost of goods sold excludes__________?
When a person purchasing goods on credit he becomes a_________in the books of the seller?
The entry for creating a Provision for bad debts is__________?
Bad debts recovered account will be transferred to__________?
__________is also known as Appraisal system of depreciation?
Which of the following is not depreciated?
Which of the following is an external cause of depreciation?
Depreciation is calculated on the__________?
Which of the following statements is correct about Depreciation?
In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
Which of the following factors are primarily considered to determine the economic life of an asset?
The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?
Which of the following statements is true with regard to written down value method of depreciation?
i. The rate at which the asset is written off reduces year after year
ii. The amount of depreciation provided reduces from year to year
iii. The rate of depreciation as well as the amount of depreciation reduce year after year
iv. The value of the asset gets reduced to zero over a period of time
The portion of the acquisition cost of the asset yet to be allocated is known as__________?
Depreciation is a process of__________?
The main objective of providing depreciation is to?
Which of the following statements best describes the purpose of depreciation?
Which of the following is true with respect to providing depreciation under diminishing balance method?
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?
Which of the following is not a method of charging depreciation?
Provision is created for__________?
Which of the following is not a cause of difference in balance as per cash book and balance as per bank pass book__________?
Debit balance as per bank pass book mean__________?

Bad debts recovered is:

A. Credited to P&L A/c
B. Debited to P&L A/c
C. Reduced from debtors in Balance Sheet
D. Added to debtors in Balance Sheet

Bad debts earlier written–off and later recovered is a profit to the firm and hence they
are transferred to Profit & loss Account.

Correct Answer: A. Credited to P&L A/c ✔

Last Updated: September 12, 2018